Your Last Will and Testament is a legal document in which you make your final gifts, leave instructions for paying creditors, and nominate guardians for your children. In addition, you pick somebody to oversee the disposition of your estate, your Executor (personal representative).
Your Last Will and Testament may be one of the most important legal documents you ever execute.
Keeping that in mind, it makes sense to make sure your Last Will and Testament is prepared and executed properly. But often, when somebody does a Will themselves, something is not done correctly. Depending on a DIY Will can be a very costly error.
In reality, DIY Wills are often error prone and full of errors such as:
- Incorrect language
- Out of date language
- Generic language that should be specific to your state
- Not executed properly (i.e. improper witnesses, failure to follow state laws, etc.)
- Failing to fully dispose of the estate (the undisposed amount has to be given out following state laws, not your wishes)
- No legal advice available to help
The REAL COST
Downloading and using a DIY form off the internet looks to be inexpensive up front. But, many times your family will end up spending many times your initial cost in fighting challenges to the will, proving it. All of this because of problems with DIY wills.
Using a DIY will significantly increase the odds of a family member, heir, or beneficiary challenging the will. If somebody files a Will contest, the amount of money can rapidly approach several thousand dollars just to fight the contest. This is in addition to the fees to probate and administrate the Will.
A side effect of a challenge is that they take time, many months to years. This is time that your family will be without the money they need. A challenge can quickly drain assets and money from your estate that would have otherwise gone to your family.
If the Will is found to be invalid, then the state’s laws take over to distribute the assets of your estate (intestate succession). Your wishes and desires will not be carried out, but rather the strict letter of the law will be applied. The state has effectively decided what is to be done with your stuff.
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